The spirits group behind Glen’s vodka and High Commissioner whisky has been taken over by a Hong Kong-based investment fund.

Loch Lomond Group was sold by owners Exponent to Hillhouse Capital Group in a deal thought to be worth about £400m.

That would make it one of the biggest deals the Scotch whisky industry has seen in recent years.

Loch Lomond was bought out of the Bulloch family’s ownership five years ago for a reported £210m.

Under Exponent Private Equity, it expanded rapidly into export markets, backed by further investment of £25m.

Loch Lomond’s chairman is former Diageo finance chief Nick Rose, while its chief executive Colin Matthews was previously a senior executive at Imperial Tobacco. Both retain a stake after the sale.

Five years ago, 10% of sales were from

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